NU Online News Service, Nov. 17, 2003, 4:00 p.m. EST – The Principal Financial Group, Des Moines, Iowa, has introduced a 412(i) qualified defined benefit retirement plan aimed at owners and employees of small businesses.

The 412(i) plan is funded and guaranteed by life insurance and annuity products, which allows businesses to avoid market risk, Principal points out.

The Principals says 412(i) plans are ideal for more conservative savers who are approaching retirement in the next 10 to 15 years. Compared to other defined benefit plans such as 401(k)s, a 412(i) is less expensive to maintain because it requires no yearly actuarial certification, the Principal notes.